Next week shareholders get a view of the 2012 financial results for the year.  The increase in gold produced has been a lot slower than what the company has forecasted over the last year in their presentations, so it is no wonder many shareholders have lost total patience and sold their shares. I certainly have had my patience tested. Disappointing, I say, with 2012 quarterly oz produced flatlining.

This was from their November news release (where shareholders expected north of 5000 oz in Q4).

Quarter Gold Production (ounces)
Q1 2012 4,738
Q2 2012 4,609
Q3 2012 4,891
Q4 2012 4,731

FY 2012 Total 18,969

Based on a gold price of $1700, revenue would be around $8M for Q4, assuming they sold all the gold they produced in Q4.  If they sold all of the stockpile, they could report up to $14M. Personally, I am banking on closer to $8M with stockpile sold in Q1 of FY 2013.  Seems as though they used 2012 as a preparation year/clean up year.

All said, I hope the disappointment of Fy 2012 is behind shareholders and FY2013 sees the long overdue processing of the higher grade ore as noted in the PEA and suggested mine plan that was noted in that PEA.

With Q4 and Q1 due in the next 5 weeks, shareholders will have a better idea of where the company is going. They better have their ducks in order and be moving forward and meet or beat their latest November presentation forecast or shareholders will not be happy.  After all, their May forecast for Q1 showed about 9000k oz production, But that was pushed out two quarters to Q3 in their November forecast:

From May Presentation:

From November Presentation: